All Forum Posts by: Ed Hoffman

I got a $2M umbrella policy out of my homeowners policy.  That covered not only the liability from my property to me but also the liability from me to the properties.

The umbrella insurers want to be insurance of last resort so will have you beef up liability on your rent properties. They made me move mine to $500,000, so I had a total of $2.5M coverage.  Umbrella insurance is pretty cheap in the scheme of things

I got a $2M umbrella policy out of my homeowners policy.  That covered not only the liability from my property to me but also the liability from me to the properties.

The umbrella insurers want to be insurance of last resort so will have you beef up liability on your rent properties. They made me move mine to $500,000, so I had a total of $2.5M coverage.  Umbrella insurance is pretty cheap in the scheme of things

@Ed Hoffman

I did this and moved 6 of them into my LLC with a warranty deed. I regret it now and wish I would have kept them in my personal name. Any attorney can pierce it and show you're behind your LLC. Just get extra liability insurance on them. It's extremely rare to ever get sued for over 1 million.

Warranty Deed - No

Quit Claim Deed - You could do this, but there are many good reasons not to do so. I've also heard some lawyers argue that having the deed in the LLC but the mortgage in your name pierces the corporate veil. If that were true, the LLC is invalidated.

You may want to explore better insurance first.

@Ed Hoffman

There are tens of thousands of posts on here about this specific topic that I recommend you read

Warranty Deed - No

Quit Claim Deed - You could do this, but there are many good reasons not to do so. I've also heard some lawyers argue that having the deed in the LLC but the mortgage in your name pierces the corporate veil. If that were true, the LLC is invalidated.

You may want to explore better insurance first.

@Ed Hoffman  actually, you can transfer it via Quit Claim right there at the closing table before you leave the title company. In Topeka Kansas it costs $35, yours may vary.